One in four Brits dream of starting their own business, with 31 considered the ideal age to take the leap, new research has found. A poll of 2,000 adults revealed that among those who like the idea, 60% think about starting a business at least once a week, with 15% admitting it is a daily thought. For 26%, it is their ultimate career goal.
Eight in ten of all adults polled look up to those who have built businesses from the ground up, admiring their drive (49%), confidence (38%) and resilience (29%). However, despite this ambition, 71% worry they would fail. Many aspiring entrepreneurs are put off by fears of financial instability, as well as a lack of skills, experience or professional connections.
Barriers and rewards of entrepreneurship
The research, commissioned by giffgaff to mark the launch of its new YouTube series The Board, found that start-up costs remain a major barrier. Those polled estimated it would take an average of £28,000 to launch and establish a small business. Others associate being their own boss with stress and pressure (36%) and long working hours (33%), according to the OnePoll findings.
Yet the rewards continue to outweigh the risks for many, with being in control of your own future (33%), greater job satisfaction (29%) and the freedom to work from anywhere (21%) among the benefits. A better work-life balance (17%) and making a positive difference (15%) were also cited as wider lifestyle benefits.
Expert advice from Patricia Bright
Kate Dohaney, CEO for the mobile and broadband provider, said: “It's clear there’s a huge amount of ambition across the UK, with people looking for new ways to build something of their own, develop an idea or take the next step in their working lives.” She added: “But there are also very real barriers around confidence, support and access to practical guidance. We’re passionate about helping people make their next move, whatever that looks like for them. That’s why we created The Board - to give people useful insight, encouragement and practical support to help them move forward with more confidence.”
Patricia Bright, expert on The Board, said: "If you can solve a problem, teach a skill or create something people enjoy, there's often a way to turn it into income. The biggest mistake I see is people waiting until they feel completely ready, when in reality, confidence usually comes from taking that first step rather than having all the answers from day one. Whether you're 21, 31 or 51, the most valuable thing you can do is start learning, testing your ideas and building momentum."
Patricia’s top tips for starting a business
Bright’s first tip is to start before you feel completely ready. She advises that you can spend forever perfecting a logo, website or business plan, but at some point you need to put something in front of a real customer. Your first version probably will not be your best version, and that is completely fine. Start, get feedback and improve.
Secondly, know exactly who you are selling to. Everyone is not your customer. Get specific about the person you are helping, the problem they have and why they should choose you. When you understand your customer properly, everything from your product to your marketing becomes easier.
Thirdly, learn your numbers, even if numbers are not your thing. Revenue sounds exciting, but revenue is not profit. Know what it costs to deliver your product or service, what you actually make from each sale and how much money you need to keep the business running. You do not have to be an accountant, but as a founder you cannot be afraid of your numbers.
Fourthly, do not spend like the business you hope to become. You do not need the expensive office, huge team or perfect branding on day one. Keep your costs lean and spend money on the things that help you make a better product, reach customers or generate revenue. Looking successful and building a successful business are two different things.
Finally, your first idea does not have to be your forever idea. Bright says some of the best decisions she has made in business have come from being willing to change direction. Listen to what your customers are telling you, pay attention to what is working rather than becoming attached to your original plan. The goal is to build something that works.
Patricia’s golden rule: You do not need to know everything to start a business. Know your customer, know your numbers and be willing to learn quickly.
